Renaissance Technologies' Exposure to Coeur Mining (Part 1 of 4)

Renaissance Technologies Increases Its Stake in Coeur Mining

Renaissance Technologies increases its stake in Coeur Mining

ルネサステクノロジ(ヘッジファンド)がCoeur Mining(産金会社)株を買い増し

In 1Q15, around 23 hedge funds created a new position in Coeur Mining (CDE). Over 52 hedge funds added to their position in Coeur Mining—including Renaissance Technologies. The performance of silver mining stocks is impacted by the fluctuation in silver and gold prices. Stocks that are generally impacted by this fluctuation in prices are Newmont Mining (NEM), Hecla Mining (HL), and Pan American Silver (PAAS). These stocks account for 9.92% of the Market Vectors Gold Miners ETF (GDX).

2015年1Qに約23のヘッジファンドが新規にCoeur Mining(CDE)株を購入した。52を超えるヘッジファンドがCoeur Minigを買いましているーーその内の一社がRenaissance Technologiesだ。銀鉱山会社のパフォーマンスはゴールドやシルバーの価格に依存する。よく知られた銘柄としてはNEM,HL,PAASだ。これらの銘柄ETF GDXの9.92%を占める。

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Coeur Mining’s AISC (all-in sustaining cost) is benefiting from favorable foreign exchange movements. The Mexican peso depreciation and the fall in crude oil prices led to an improvement in its cost structure. Gold and silver prices are inversely related to the interest rate hike. If the Fed increases its rate in the next quarter, it will create a headwind for Coeur Mining because gold and silver prices will fall.

Coeur MiningsのAISC(全て込み産金コスト)は為替の効果、ドル高で改善している。メキシコペソは下落し原油価格下落がコスト改善に寄与した。ゴールドやシルバー価格は金利増加で弱含みとなる。もしFEDが次の四半期に金利を上げるなら、ゴールドやシルバーの価格低下を引き起こしCoeur Minigには逆風となる。

Hedge funds holding ヘッジファンドのポジション

It’s noted from aggregated 13F data, among the funds that added Coeur Mining to their portfolio in 1Q15 in terms of dollar value invested, Renaissance Technologies was ranked 11th. Van Eck Associates, Donald Smith & Company, Vanguard Group, and State Street occupied the first four slots, respectively.

In this series, we’ll take a look at Coeur Mining’s performance over the last quarter in order to better understand its current and longer-term drivers. We’ll also examine how the payoff has been on this position YTD (year-to-date). We’ll benchmark the stock’s performance against other modes of gaining exposure in the gold and silver mining sector.

SECの13F報告によれば、2015年1QでCoeur Mining株主の中でRenaissance Technologiesは11位に位置する。上位4社はVan Eck Associates, Donald Smith&Company, Vanguard Group,そしてState Streetだ。ここではCoeur Miningの直近四半期の成績と今後の見通しを検討しよう。年初来の成績も見てみよう。産金産銀会社セクタと他のベンチマーク株式とも比較しよう。


ちなみに、Renaissance Technologiesは2015ヘッジファンドランキング15位です。 )